Judgement issue,pay,PFD or leave alone?

Anonymous · ‎08-17-2008

Hi,I'm new to all of this but I am getting quite the education from reading all of the helpful advice in the forums.I have a very time sensitive issue and am afraid to make a misstep. I am looking to close on a mortgage in the next 6 weeks. I have a $10,000 judgement showing on Ex CR. DOLA 5/02 (it was a business acct. that I was the guarantor on). The acct. Originated in Fl. but the judgement is showing Orange County(I assume that is where their attorney filed?) I now reside in La. where I am looking to purchase a home. I tried contacting the OC about 3 yrs. ago to find out what the original amnt. was to try and make payment arrangements. I was informed the original owner of the co. had passed away and when I spoke with his son (the new owner) he could not locate the info. The judgement if left alone should expire 5/09. Am I required to pay this before I close on my mortgage? Should I try to PDF or settle or am I just renewing interest? Please help I need to move quickly and do not want to make another mistake that could hurt my score or ruin my chances of closing!

Anonymous · ‎08-17-2008

mymoney wrote:

Hi,I'm new to all of this but I am getting quite the education from reading all of the helpful advice in the forums.I have a very time sensitive issue and am afraid to make a misstep. I am looking to close on a mortgage in the next 6 weeks. I have a $10,000 judgement showing on Ex CR. DOLA 5/02 (it was a business acct. that I was the guarantor on). The acct. Originated in Fl. but the judgement is showing Orange County(I assume that is where their attorney filed?) I now reside in La. where I am looking to purchase a home. I tried contacting the OC about 3 yrs. ago to find out what the original amnt. was to try and make payment arrangements. I was informed the original owner of the co. had passed away and when I spoke with his son (the new owner) he could not locate the info. The judgement if left alone should expire 5/09. Am I required to pay this before I close on my mortgage? Should I try to PDF or settle or am I just renewing interest? Please help I need to move quickly and do not want to make another mistake that could hurt my score or ruin my chances of closing!

I would speak to your LO.

If you are due to close in 6 weeks, I am going to take it that your LO has already pulled your credit and approved you? What did they say about the judgment?

Anonymous · ‎08-18-2008

I would speak to your LO.

If you are due to close in 6 weeks, I am going to take it that your LO has already pulled your credit and approved you? What did they say about the judgment?

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I am going stated as I am self-employed and have 1 maybe 2 options. The first is a 3 yr.ARM with private banking ( They are requiring me to move my funds to their bank. ). If I move forward with them they suggested I keep extra money in escrow in case the judgement comes up. The other possible option is a 30 yr. FIXED with Countrywide but I need to get my medium FICO to a 700 in an extremely short period (I may be able to do so ).They of course probably will require that this judgement is settled. What to do???? I'm new to this and in over my head....please advise?

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